Hungry for more? Personal Loan BYTES FROM OUR KITCHEN ICICI Bank Mudra Loan

ICICI Bank Mudra Loan

The Government of India has set up the Micro Units Development & Refinance Agency Ltd. (MUDRA) to offer financing to non-corporate and non-farm segment income generating activities belonging to Micro and Small enterprises. These enterprises, having credit requirements below Rs. 10 lakhs can easily receive funding through this scheme.

Features of ICICI Mudra Loan

MUDRA Bank has announced three products under the Pradhan Mantri MUDRA Yojana (PMMY) scheme, namely, Shishu, Kishore and Tarun. These products can be availed according to the needs and growth of micro units.

• Under Shishu, customers can get loans to up to Rs. 50,000.
• The Kishore scheme offers loans for amounts above Rs. 50,000 and up to a maximum of Rs. 5 lakhs.
• The Tarun scheme offers loans for amounts above Rs. 5 lakhs and up to a maximum of Rs. 10 lakhs.

ICICI Bank customers can avail Mudra loans for three specific purposes in the form of a) Vehicle Loans, b) Business Installment Loans and c) Rural Business Credit (RBC) / Business Loans Group Loans (BLG).

• Vehicle loans can be procured for purchasing cars, commercial vehicles and two-wheelers.
• Business Installment Loans can be availed for purchasing plants and machinery, meeting working capital requirements, for renovation of offices and also for various other purposes.
• Under Business Installment Loans and Rural Business Credit categories, ICICI Bank offers the Overdraft facility, Drop line overdraft and Working capital loans.

Borrowers do not have to submit any security collaterals while availing Mudra Loans.

Customers can contact the nearest ICICI Bank to get more details and then apply for a Mudra loan. ICICI Bank will approve Mudra loans according to the customer’s requirements.

Eligibility criteria for ICICI Mudra Loan

Non-Corporate Small Business Segments (NCSBS) consisting of partnership firms and proprietorships which have service sector units, small manufacturing units, truck operators, shopkeepers, repair shops, for-service units, fruits and vegetable vendors, small industries, machine operators, food processors and applicants from urban/rural areas can qualify for funding under the Mudra Loan scheme.

Documentation Required for ICICI Bank Mudra Loan

The following documents have to be submitted by applicants of an ICICI Mudra Loan -

For Business Installment Loans

1. Mudra application form
2. Photo ID proof
3. BIL application form
4. Establishment proof
5. Address proof
6. Proof of business continuity
7. Ownership proof of office or residence
8. Bank statement for the last six months
9. Trade references
10. Proof of qualification

For Vehicle Loans

1. Mudra application form
2. Photo ID proof
3. Vehicle loan application form
4. Passport size Photos - 2
5. Income Proof
6. Address Proof
7. Bank statement for the last six months

Rural Business Credit / Business Loans Group

1. Mudra application form
2. Age Proof
3. Photo ID proof
4. RBC/BIL application form
5. Ownership proof of office or residence
6. Bank statement for the last twelve months
7. Business vintage proof

Income tax return statements for the last two years

A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.